any one have an idea when we might break the $10 ceiling? $15? $20?
Tuesday 4:18pm. what timezone? $10 EST $15 PST $20 HST |
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Dwolla has specifically mentioned an influx of Bitcoin users affecting them.
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Hard to justify using GDP imo. That's just a measure of what is spent in a year right? Or is it what's created in a year? Either way that's different than the value held in money. And the better the money the more value it can/will hold compared to total wealth.
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I think a 10 BTC contract would be more useful, as this could be a week's mining for someone slower.
Just doing 1-1 seems a bit weird to me for an options trade.
Might as well anticipate the increase though. Eventually 1BTC will be a good week for anyone. It'll be confusing to switch what a contract means. Yeah, I guess you'll just get more options contracts. I'm really interested to see how many people actually use them! Also, what style options are these? American / European / Japanese / something else? I expect to lose some money foolishly market making in every contract  |
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For me, the interest in technology was already as it's what I do for a living. Bitcoin has certainly lead me to learn more about economics and convinced me to try my hand at investing beyond standard retirement contributions.
How about you?
I was roughly the opposite. Desperately looking for a good money. Learned some tech from Bitcoin because I recognized it was good money. I'm very surprised by that, particularly since I get the impression that you've been involved for quite some time. How did you come to learn of bitcoin? Someone linked me to the slashdot in July. I read the white paper and forum and immediately new it was the real deal for money. If there is a fatal bug in this implementation I'm going to be pissed off :-) |
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I would favor something different : when the decimal place is moved in the default implementation we just call "a bitcoin" whatever happens to be the smallest integer value after the decimal shift. Happened in France the other way around when we switched from "old francs" to "new francs" with a "new franc" being worth exactly 100 "old" ones. After a couple of weeks of slight confusion, everything would be back in order  ZOMG 21 trillion Bitcoins. Bitcoin is broken. |
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Title misleading too. There are plenty of other currencies that will die too. We're world wide.
Even using all value held in currency is low imo. Rich people are smart enough not to hold a lot of wealth in crappy fiat currencies, but Bitcoin won't be such a bad default option. On top of that I think there will be wealth to be stored in Bitcoin world. But this just means a higher cap, not necessarily a likely scenario.
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I can give more correct estimation - take number of geeks in the world (nobody else will use bitcoins),
then take 1/3 of their total salary (geeks can't in average spent more than this)
and then divide into 21M BTC
This is way off base. I have no salary and a lot of coins. My relatives aren't geeks and have considerably >0 coins. |
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oh stop being like that
you can refute this all you want, but the truth is if you pitch BitCoin to my parents (average middle class americans in their 50's)
and then you pitch clearXchange to them, they are going to think they are the same exact thing
It would have to be a pretty bad explanation. You can have a bitcoin. Can you have a ClearXchange? Any complete, honest explanation of Bitcoin will mention the fact that a Bitcoin is not a dollar. Aside from that you have yo log into your bank and the recipient has to be known to the bank (at least in some sense). At best normal banking gets a little easier. |
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I like it better as well.
Question though: Why don't you display values beyond $6/$15?
MtGox hides that data. I don't know why. |
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But you are wrong. The difficulty changes will make mining profitable for only the most efficient miners. If the exchange rate stays the same, the difficulty will increase until mining is only profitable to those who do it the best.
What you want is mining to be profitable to everyone for a very long time! That's insane and impossible to sustain.
Don't you understand, that if mining were allowed to be so easy, and the rate of new coin introduction was always going up, the price of Bitcoin would go down, defeating the whole point you are trying to achieve in the first place!
No one is going to buy something that is super easy to get. So no one is going to want to mine that junk. Damn dude...
BECAUSE NO ONE PERSON READS ME PEDANTICALLY, THIS IS MY LAST POST. JUST WAIT FEW WEEKS TO OBSERVE THE START OF BITCOIN DECAY AND FEW MONTHS TILL 2012 TO OBSERVE THE END OF DECAY. BYE. At least honor your word man. How can we believe anything you say now? (No need to answer) |
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I think a 10 BTC contract would be more useful, as this could be a week's mining for someone slower.
Just doing 1-1 seems a bit weird to me for an options trade.
Might as well anticipate the increase though. Eventually 1BTC will be a good week for anyone. It'll be confusing to switch what a contract means. |
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Interesting. While I've watched the bid side wiggles, but not the ask. I guess this is a dark pool ask sitting below all other asks?
haha, now it moves.
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For me, the interest in technology was already as it's what I do for a living. Bitcoin has certainly lead me to learn more about economics and convinced me to try my hand at investing beyond standard retirement contributions.
How about you?
I was roughly the opposite. Desperately looking for a good money. Learned some tech from Bitcoin because I recognized it was good money. |
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I've been putting it inside one of the zeros because I like doughnuts.
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This was kind of handy, but now it's a drag. I'm on a slow connection and I just had to click post 3 (3!) times. I didn't see a way to turn it off, do we really need it?
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A quirk of this system is that if the price happens to be low and stable near the deadline it will be easy for late bets to win. Say it's been $2-$2.50 for a week it's easy money 1 day out (possibly to the point of bets only being limited by people's fear of you running with 10k+ bets, haha or fear of manipulation at the last second). But if it is more stable and high, say $21-$23 it takes multiple bets to cover the range.
Not saying you should change anything, it's an interesting game.
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Some people seem to assume that having multiple "competing" (why not "co-operating"  ) blockchain-based currencies would be a bad thing. I do not really understand why it would be bad. Aren't a lot of these people the very same "types" of people who are pro-free-market, even pro-competition? In almost any other commodity do not these same people argue that competition is good? If free market competition is good for {all|most} other commodities, why not for Bitcoin / cryptocurrencies / blockchain-based currencies??? Even though gold has a long history of use as currency, weren't silver and copper and maybe even bronze used a lot too? Why wouldn't it make sense, as Bitcoins grow in value, to introduce new blockchains that we might even *hope* will trade at least initially at lower value, much as one might use a bunch of copper coins as a handy way to "divide" the value of gold coins? -MarkM- It isn't 'bad'. It's just that the value of bitcoin is it's difficulty and it's acceptance. A new incarnation won't have those things. Anyone coming in and deciding between Bitcoin and Bitcoin2 rationally chooses Bitcoin. Now if something totally different with new/different properties is created then maybe it has a chance. |
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This is interesting. I plan to play, gotta get some strategery first.
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